World 1000 Canceled Due To Financial Woes

Financial instability and failure to secure sponsorship has led to the demise of the World 1000, a catamaran boat race from Ft. Lauderdale, Fla., to Virginia Beach.

Lee Queensberry, who has worked with Virginia Beach businessman George Hazzis developing the Virginia Beach end of the race, confirmed that a decision has been made to cancel this year's race. An official announcement is expected to be made by Hazzis today.

Mike Worrell, who developed the race in 1976 when it was called the Worrell 1000, said he was informed of the decision Tuesday. Worrell sold the rights to the race two years ago to a group which included Hazzis.

Worrell said he sold the rights because it had become a financial burden.

"It was my baby but it had grown too big for me," said Worrell, 47. "The success of what I nurtured and I built depended on me letting it go. I sold the race to them because they had deep enough pockets to carry it to an international level."

Mike Eason, a member of Team Rudee's Restaurant of Virginia Beach, said he found outthe news late Thursday afternoon.

"I had heard some rumors that there was some contractual disputes between some of the owners," Eason said. "It's a shame. We started back in September getting ready for it."

Worrell said he and his brother Chris developed the race in 1976 for local boaters. It evolved from a 25-mile triangular leg off the Virginia Beach coast with a handful of boats to a 16-team event that was featured in a documentary for National Geographic.

"It was a one of a kind event," Worrell said. "When I started it, there was no commercialism involved but because of the interest of the race by the community it grew and grew."

But Worrell said in 1987 he decided to sell the rights and concentrate on his business, which he neglected while putting the race together.

"I spent 12 years developing that race and I suffered on a personal level," Worrell said. "I was just focused on the race. I'm now focusing on developing something in the business community."